Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Women and Money Still Equals Retirement Worries

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besst-thing-about-moneyWomen worry more about money than men.  Fear of becoming a “bag lady” haunts us. Women want financial security; men want freedom and choices.

 One more thing – we’re probably going to live longer so what money we have has to last longer.

 So squeezed in between generations of family obligations– carrying and worrying about them and ourselves – we often let finances slide.  So as a Mother’s Day present to ourselves – or to your mother – or to your daughter –take one small step to building a more financially secure retirement.


1.  Make financial security a priority.  Worrying doesn’t help.  If you are working, find a way to shift some money – even a few dollars – into retirement savings account.

2. Get credit card debt under control.  Most women are the Chief Operations Officer of their household, managing the daily flow of the household and its money.  So you can impact where the money goes or work with your partner to make cash flow a priority item.

3. Protect yourself.  Value your contribution to your family by making sure you have the right insurance.  Is there life insurance if something were to happen to you to pay for the help that will be needed and the future you want for your family?  If you are in your 50s have you looked at long-term care insurance as a way of making sure you can pay for the care you need and not financially burden others?

4.. Know the silent costs of caregiving.  The average caregiver is a 46 year old woman. A decision to stop working and provide care pulls you out of work during peak earning years, reduces income, and reduces future social security payments.  Weigh the costs of hiring help and doing it yourself, then balance it with your emotional needs. But recognize there are more costs than those you see today.  So adjust your retirement plans accordingly

5.  Help the next generation of women. If there is a young woman in your family, get her on the right track now.  Help set up a budget. Give them a book on personal finance.  Refer to them a website that helps them track their money ( is one) Emphasize the importance of saving something out of each paycheck.  Encourage them to open an IRA or 401K. 

 The best gift we can give ourselves, our daughters, our mothers our nieces, our aunts is the gift of financial security.  Happy Mother’s Day.


Written by Laura Rossman

May 6, 2009 at 12:44 pm

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